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Microcap & Penny Stocks : IKAR Mining Tungsten iron ore gold silver copper cobalt -- Ignore unavailable to you. Want to Upgrade?

To: srmen who wrote (527)	2/11/1999 3:39:00 PM
From: Blayton	Read Replies (1) \| Respond to of 631

NEWS ------------------------------------------------------------- CLEARWATER, FLA. (Feb. 11) BUSINESS WIRE -Feb. 11, 1999--European American Resources Inc. (OTC BB:EPAR) announced Thursday that it has entered into an agreement with Ikar Minerals Corp. (OTC BB:IKAR) to purchase approximately 400 square kilometers (100,000 acres) of their mining concession located in the Republic of Tajikistan, a former Soviet Union State in the heart of Central Asia. The transaction is conditional upon a completion of EPAR's Due Diligence as to title and control of the concession by IKAR and subject to final approval of the board of directors of both companies. The Purchase Price set at $39,850,000 will be paid in cash and stock over a 36 months periods commencing from closing date of the execution of the agreement. The purpose of the deal will greatly enhance shareholder value of both companies. EPAR will file a registration of convertible preferred shares with a par value of six US Dollars convertible into a share of common stock with a strike price of six and a half US Dollars. EPAR presently holds 62 patented claims in Eureka county and approximately 700 unpatented mining claims all in the state of Nevada. EPAR's Eureka county/Prospect Mountain is bordered by Homestake's Ruby Hill/Archimedes gold mining operation, which is represented to be one of the most profitable open pit operations in Nevada. With the purchase of the IKAR mining project, EPAR believes that it is well positioned to exploit sizable mineral assets of gold, silver and tungsten, within world-class mining belts in both the North American and the Asian continents. Note: Statements in this document that are not descriptions of historical facts are forward-looking and subject to risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, including uncertainties as to actual amount of mineral reserves in EPAR's holdings; further uncertainties relating to exploration, drilling and recovery of such minerals; dependence on third parties; future capital needs; and other risks relating to safety, regulatory, competition and other risks. -0- jd/mi* CONTACT: EPAR, Clearwater, Fla. Martin Sportschuetz, CEO, 727/298-0636 727/298-0173 (fax) epar17@gte.net (e-mail) or EPAR, Toronto Dale M. Hendrick, P.Eng., Chairman 416/955-8630 or fax 416/365-7463